Top 5 Regulatory Compliance Updates in 2018

by Brad Garland

Regulatory compliance and information security has exploded as a topic of conversation in the last 15 years while technology has emerged at a break-neck speed. Annual updates, amendments, requirements and expectations are planned for months in advance, and the savvy business-owner must stay on top of the new information coming in to avoid an embarrassing scramble before the examiner visits.

This year, Garland Heart has done some of the legwork for you, and pulled together the most important topics to keep an eye on in 2018 in regulatory compliance and information security in a two part blog series.

Below, we have listed some of the top five things to pay attention to in regulatory compliance for 2018.


5. An emphasis will be placed on consumer protection, through the restructuring of the Consumer Financial Protection Bureau.

• While the federal government works through the structure of the Consumer Financial Bureau, it doesn’t mean that financial institutions can become lax in their efforts to protect the consumer. The Trump Administration seems to be lessening the focus of the CFPB on financial institutions. While the FDIC, OCC and Federal Reserve have always prioritized consumer protection; it falls to individual entities now more than ever to provide protection to their clients.


4. Understanding the new requirements of the Home Mortgage Disclosure Act (HMDA) on data collection.

• This update went into effect on January 1, 2018. Reviewing and understanding this information is key to a pass/fail from your auditor.


3. Developing new and effective policies to comply with the Customer Due Diligence (CDD) Beneficial Ownership requirements.

• If you’re not ready, you have a little time to prepare as this will go into effect on May 11, 2018. However, it’s never too early to start looking forward! The main focus of this update is regarding beneficial ownership identification and verification of a “legal entity.”


2. Keeping an eye on Regulation CC amendments and ensuring compliance.

• This will be going into effect on July 1, 2018, and may completely change how you view your business conducted with checks. These amendments reflect the change in the way financial institutions’ check collection system has shifted from paper to almost entirely virtual.


1. Continuing the effort to meet the examiner expectations as they evolve, especially in the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Asset (OFAC) realm.

• This is incredibly important because as the industry evolves, so do the examiners.


Has this list helped you prioritize your approach to compliance in 2018? What has helped you get your virtual compliance and information security off the floor? Share what has worked, or what you wish you could have done differently. We would love to hear from you.

If you need help to get your organization up-to-date for 2018, reach out! Our team of skilled consultants can find solutions that work the best for you.

And stay tuned for the next installment discussing information security!